The 95,000 SF High Street shopping center is located in one of Washington, DC’s most affluent neighborhoods.
WASHINGTON, DC – July 24, 2023 – PRP announced today that it has acquired Spring Valley Village, a premiere high street retail center located in the Spring Valley neighborhood of Washington, DC. The property was acquired for $47.5MM.
Located along Massachusetts Avenue just south of the Maryland border, Spring Valley Village is anchored by Crate & Barrel and a host of successful upscale tenants, such as Millie’s Restaurant, CapitalOne Bank, Starbucks, Small Door Veterinary, Compass Coffee and Bluestone Lane. The six-building, 98% leased center was originally constructed in 1939 and was renovated and expanded in 2017. Spring Valley Village is one of the oldest shopping centers in the DC metropolitan area and is listed on the National Register of Historical Places. PRP will enhance the aesthetics and operations of the center while selectively remerchandising the center given its superior demographics and traffic counts.
Spring Valley Village is located in Upper Northwest Washington and is easily accessible from all areas of Washington, DC, Northern Virginia, and the nearby Maryland neighborhoods of Chevy Chase, Bethesda and Potomac. The Property is walkable from some of DC’s best neighborhoods and is integral in the everyday life of nearby residents. The demand is buoyed by a retail desert, as there is approximately 2.8 SF of retail per capita within 1.5 Miles of the Property, nine times below the national average. The area boasts $357,100 in average household income with a population of 168,400 within a three-mile radius of the center. Spring Valley Village is also adjacent to American University, which has a growing enrollment of over 14,800 students.
“We are incredibly excited to acquire this successful and well-located shopping center,” stated Paul Dougherty, President of PRP. “Spring Valley Village is truly a unique center in an unparalleled demographic in Washington, DC. We look forward to creating a higher shopping experience through our ownership and steward of this historic property.”
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.